Experience 2013: A preview of Target's session

Using predictive analytics and risk data to help manage claim and safety outcomes

I recently spoke with Eric Oldroyd, Group Manager, Risk Finance, with retail giant Target about his presentation at the upcoming Aon eSolutions 2013 Experience Conference in Atlanta. This will be the second time Eric has presented on the topic, but as you'll read in the Q&A below, Target has made major strides in its predictive analytics program, and Eric also plans to share some highly transferrable, practical advice about how risk managers can use RiskConsole to perform some basic, but still very useful, predictive analytics of their own.

Risk and safety managers often frame answers to key risk questions in geographic terms. Reporting and analytics give the ability to transform all your data into easy-to-read and interactive charts and graphs that aid decision making. All risk management software vendors provide some level of built-in reporting and mapping, but the depth and ease of use will vary greatly.

You've got to get organized. It may be something you say to yourself, even on a daily basis. Or it may be a gentle reminder you mention to someone at home or at work. When you're talking about implementing a risk management information system (RMIS), getting organized isn't optional, it's mandatory. As a veteran of dozens of RMIS startups, I know firsthand the importance of designing and setting up organizational hierarchy and reporting structures.

Risk Management Information Systems have been around for more than 40 years, yet according to Aons Global Risk Technology Survey, the majority of organizations have only really been benefiting from them for less than 10 years. So why now?

As well as the functionality you'd expect, such as claims management, today a risk management information system provides a wide range of functionality as standard. What is most important, however, is that your RMIS provider can build the system to match your processes, vocabulary, people and evolving business needs, while also improving efficiencies and delivering best practices.

When your organization faces an IT implementation, how do you know the best place to begin? Identifying and developing the critical success factors (CSFs) that will shape and guide the project is a great place to start.

My post last week on renewals, the RMIS and a hardening market focused mainly on recent indications that the market for commercial insurance products appears to be hardening. In light of that news, I wrote about some steps risk managers can take to slow the rate of growth in premiums – primarily by improving the quality and scope of their renewal submissions through the effective use of risk management software.

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